Update: $1.5 billion expansion of Port Tema in 2015
We are happy to announce that Meridian Port Services (MPS) – a joint venture between APM Terminals (APMT), Bolloré and the Ghana Ports and Harbour Authority (GPHA), have agreed to invest US$1.5 billion in the new deep-water TEU port and logistics hub in Tema.
Once the upgrade is complete, the port will have four deep-water berths, a new breakwater, an access channel with the capacity to accommodate the world’s largest container ships, a new greenfield port and an upgrade of the roads around the port.
APMT and Bolloré Africa Logistics have also invested in an upgrade of the highway running between Accra and Tema, which is set to become a six-lane highway. Also connecting roads will be improved.
“This is really great news for Ghana, as the port will seriously increase volumes. Also, the upgrade of the road to Tema Port will result in decongestion, meaning we can improve turnaround times of vessels and containers in port”, says Portside Group Director, Bas de Vaal.
According to estimates made by the International Monetary Fund, Ghana’s economy will expand by 3.5 % in 2015 and 6.4 % in 2016. Africa is already seeing an increase in direct calls from Asia and Europe (rather than transshipments in the western Mediterranean) in past years.
As Tema can accommodate 14,000 TEU vessels, we can expect to see these ships cascaded down to direct Asia-Africa trade lanes. African port container volumes are forecast to continue to increase well above the global market.
At Portside we are very much looking forward to following the process of expansion from up close and will keep all our clients informed about any changes resulting from the project.